The Future of California's Water

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If we price water relatively inexpensively, people want to use a lot of it. That's going to drain some lakes and rivers, cause some problems with aquifers, etc. Are there actual, is there a potential for what I will be the equivalent of say a black out with electric power where you literally can't get any water? Is that is that a possible future for California? Yeah, absolutely. If the water's not there, you're not going to get it.

David Zetland of Leiden University College in the Netherlands and author of Living with Water Scarcity talks with EconTalk host Russ Roberts about the challenges of water management. Issues covered include the sustainability of water supplies, the affordability of water for the poor, the incentives water companies face, and the management of water systems in the poorest countries. Also discussed are the diamond and water paradox, campaigns to reduce water usage, and the role of prices in managing a water system.